US Check deposit in Thai Bank account

[theguyfromanotherforum]

There are some old threads on this, so asking for new any info or update.

 

I basically want to deposit 400,000b for my marriage extension, but instead of going to ATM 30 times because the US bank will not allow more than $500 withdrawl, can I just deposit a US check... preferably to SCB?

 

If by miracle the answer is yes, do you know the wait times for a check to "clear".

 

 

 

 

[lopburi3]

1.  Pay to have a SWIFT electronic transfer of funds made - that way money is proviable to have come from outside Thailand if asked.  Will not be that expensive as you can transfer a large amount at one time.

 

2.  Have not cashed check in years but it should be possible - but perhaps only at some bank locations with foreign exchange desk.  Normally took 3-4 weeks to clear when I did at Bangkok Bank.

[theguyfromanotherforum]

What about bringing an ATM card to a bank and then let the teller do the transfer. I read in some posts that this is possible.



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[lopburi3]

Believe still subject to withdrawal limit and most banks seem to be asking customers to us ATM to obtain the high fee they now obtain for bank.  Large amounts are normally best transferred by wire (such as SWIFT is)

[theguyfromanotherforum]

Another question. Who does the exchange rate for swift? The sender or receiver?

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[lopburi3]

You have your bank send foreign currency (in this case USD) and the exchange will be done here in Thailand at the posted daily rate for TT exchange.

[skatewash]

Cheapest/easiest way to transfer a large amount of money from US bank to Bangkok Bank is to do an ACH transfer (which itself may be free to you, depending on your US financial institution) to Bangkok Bank's NY Branch.  Full instructions (and costs) here:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Usually takes anywhere from 2-4 business days from initiating the electronic transfer online from my US financial institution (Vanguard) to arrival in my local Bangkok Bank branch account.

My understanding is that while foreign check deposit is possible, there are fees for doing so and you must wait for the check to clear which can take on the order of weeks to occur.

The exchange rate for doing the above is listed at (TT Buying Rate column, USD $50-100 row):

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

Edited July 14, 2017 by skatewash
added exchange rate info

[Suradit69]

Or open an account at a local branch of Bangkok Bank. Then you can just do domestic transfers from your US bank to the Bangkok Bank branch in New York using that account number. You'll get the amount deposited in baht at your local branch in Thailand in no more than a couple of days.

 

[Oops. Posted a t the same time as Skatewash's more comprehensive answer]

Edited July 14, 2017 by Suradit69

[Tony125]

You probably should also call your bank in USA and have them raise the daily amount withdrawel limit. I used to have $500 limit when living in US but when I started traveling I had the limit raised to $1,000. Later I needed extra and used direct line at Citi Bank at Asok to tell them to temporarily raise it to $2,000.

For large amounts its easy to use online ACH tranfer or wire transfer from any US Bank to Bangkok Bank which will go to their New York Bank then be transfered here.

[SOUTHERNSTAR]

OP I think the Bangkok alternative is best, but to answer your question about the check. To my knowledge it is not possibble to deposit a foreign check into a Thai bank account. 

[how241]

Yes, as posted already, set up a Bangkok Bank here and use your USA bank to transfer it to the USA Bangkok Bank who will send it to Thailand.

[Tony125]

15 minutes ago, SOUTHERNSTAR said:

OP I think the Bangkok alternative is best, but to answer your question about the check. To my knowledge it is not possibble to deposit a foreign check into a Thai bank account. 

Your knowledge is incorrect : https://www.thaivisa.com/forum/topic/920950-foreign-cheque-into-thai-bank-account/?page=2

 

 

But takes 30--45 days to clear ,they get to use your money for a month :)

 

[smotherb]

Many banks will simply increase your daily limit for one time only if you call them to do so--then simply take your credit/debit card to your Thai bank and have them make the withdrawal and deposit it into your Thai bank.

[lopburi3]

16 minutes ago, SOUTHERNSTAR said:

OP I think the Bangkok alternative is best, but to answer your question about the check. To my knowledge it is not possibble to deposit a foreign check into a Thai bank account. 

I did it for 30 years so it was definitely not impossible in the past (for US checks).  In fact they recently started an online system for check payment via computer with almost immediate deposit at Bangkok Bank for lower value checks.

[Mansell]

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

[ehw200]

5 minutes ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

The Thai banks accepts transfers in

USD  but change it to baht then deposit

It into your account 

The rate could be better but probably

No worse than your US bank

Been many years since the bank was your frIend

 

Have done this with Kasikorn several times

 

[ehw200]

Think you need a new bank

In the US

[TGIR]

You can do an ACH to Bangkok Bank in N.Y. using your local account any time and pretty much any U.S. bank.  The only trouble I've ever had is Bangkok bank likes to hold keep my money for a few days before putting it into my account.  I gave up complaining about it since no-one seemed to care but me.  Also no-one seems to care about how much it is as long as it's going to Bangkok and not from!

[lopburi3]

1 hour ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

Total crap  As has been said Thai bank does the exchange and always at a much better rate than a US bank would provide.  Never allow home bank in US to do the currency exchange.

[skatewash]

1 hour ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

 

Not doubting what your California bank told you, but if you had asked them (by online banking is easiest, if you have access to that) to send an ACH transfer from their bank to Bangkok Bank NY Branch using the correct Routing Number and your Bangkok Bank Account Number, they should have been able to do that in USD as they should be able to do to any other bank located in the US.  In other words, from their perspective transferring money from the California bank to East Prairie Bank in Lincoln, Nebraska, would look the same as transferring money to Bangkok Bank located in NYC.  Both are sent using the same ACH (Automated Clearing House) network, which is commonly used in the US to transfer money between two US-based financial institutions.  What happens to it when it arrives at Bangkok Bank NY branch (it gets sent to Bangkok Bank in Thailand, where it is converted into Baht) is not really their concern.

The waters may have been muddied if you explained to your California bank that you wanted to transfer money to Thailand.  Instead, what you really wanted to do (from the California bank's perspective) was that you wanted to transfer money from one US bank (the one located in California) to Bangkok Bank (the one located in NYC).  Where the money ultimately ends up (in your local Bangkok Bank branch in Thailand) and in what form (exchanged from USD into Baht in Thailand) is not of interest to them.  Sometimes you can provide too much information that raises questions that needn't be raised at all.  Again, this is why I prefer online banking.  The online banking application wants to know the ABA routing number and your account number to be transferred into.  You provide a valid ABA routing number (in this case for Bangkok Bank NY Branch) and a valid account number (your account number of your Thai Bangkok Bank branch account) and Bob's your uncle.

Edited July 14, 2017 by skatewash
removed extraneous word

[skatewash]

3 minutes ago, lopburi3 said:

Total crap  As has been said Thai bank does the exchange and always at a much better rate than a US bank would provide.  Never allow home bank in US to do the currency exchange.

I think he got them all excited about transferring money to Thailand, when in reality, what he really wanted to do was do a domestic ACH transfer from one US bank (the one in California) to another US bank (Bangkok Bank in NYC).  If he had presented it as such there would have been no need to question whether the transfer should be in USD or not.  You need to tell people enough information for them to do the job you want them to do for you, no need to tell them more than that.

In addition to sinking ships, loose lips sometimes needlessly complicate straightforward banking transactions.

[rwill]

First of all DO NOT do the ATM withdrawals and then deposit into your Thai account.  You can not prove the money came from overseas.  I have deposited a check with SCB before.  It took about 3 weeks to clear.  I would allow for 4 weeks to be safe.  Last year I sent my sister a check and she then wired the money to my Thai account.  It cleared in 1 day from the time she wired it.

 

[rwill]

1 hour ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

The transfer from your bank to Bangkok bank in NY is a domestic transfer, not international.  You do not use a swift code for it.  It is all done in US dollars.  Bangkok bank then forwards it to your Thai account which is when it gets exchanged into baht.

 

[lopburi3]

9 minutes ago, rwill said:

The transfer from your bank to Bangkok bank in NY is a domestic transfer, not international.  You do not use a swift code for it.  It is all done in US dollars.  Bangkok bank then forwards it to your Thai account which is when it gets exchanged into baht.

 

But that has nothing to do with wire transfers - there is no reason to make currency conversion in USA except to provide the US bank extra money above and beyond the normal high transfer fee (the rate of exchange will always be lower than in Thailand).  

[Pib]

2 hours ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

Your bank in California was feeding you a line of BS (a.k.a., lying in order to impose an indirect fee) to con you into letting them accomplish the currency exchange where they gave you a  several percent lower rate than the Thai bank TT Buying Rate exchange rate used for incoming international transfers.  

 

That several percent lower exchange rate was an indirect fee to you and a profit for the bank.  Yeap, you were conned.

[Pib]

2 hours ago, TGIR said:

You can do an ACH to Bangkok Bank in N.Y. using your local account any time and pretty much any U.S. bank.  The only trouble I've ever had is Bangkok bank likes to hold keep my money for a few days before putting it into my account.  I gave up complaining about it since no-one seemed to care but me.  Also no-one seems to care about how much it is as long as it's going to Bangkok and not from!

I expect Bangkok Bank "did not" hold your funds but your Sending bank took a few days to actually transmit the funds via ACH.   When doing ACH transfers most banks have a daily cutoff time (which could be early in their business morning hours).   If you miss the cutoff time the earliest your funds will depart the Sending bank is their next business day transfer cut-off time. 

 

Many banks have different transfer times with different fees.   Like Bank of America for example (which I use to be with) had a 3 business day ACH transfer for a fee of $3 which means although you may have initiated the funds transfer on day X it would probably be "Day X plus 2 days" before they actually transferred the funds....give the Receiving bank another business day or so to receive/post the funds.   Another example is BoA also had a Next Business Day ACH transfers for a $10 fee which means if if you initiate the transfer on Day X it's Day X plus 1 day before the funds leave the bank....then give the Receiving bank another business day or so to receive/post the funds.

 

My last ACH transfer from my current U.S. bank with "no sending fee" and me initiating the funds before the bank's daily ACH transfer cutoff time (which was 8am Central Time) resulted in the funds arriving/posting to my Bangkok Bank account in 23 hours (basically 1 day).   And keep in mind weekends and holidays on the Sending or Receiving end do not count as transfer time.

 

Yeap, your Sending bank and any correspondent/intermediary bank they may have to use to reach the Receiving bank are probably the ones to be blamed for the majority of the total transfer time.....not the Receiving bank. 

 

 

[CMBob]

3 hours ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

As noted, your California bank was pulling a fast one.  The typical SWIFT form (which my bank requires me to sign) has a spot on it to mark whether you want the funds transferred in baht or in US dollars.  Make sure they transfer it in dollars and not baht as the exchange rate offered in the US is often significantly lower than what you'll get here in Thailand.  I do a SWIFT transfer once a year to my SCB account (in US dollars, of course)s and I get the published exchange rate that SCB offers as of the moment/day the funds are received.  SCB (like most Thai banks, I'm told) also takes out a fee at this end, a fee that varies depending on the amount sent but it tops out at 500 baht.  I mention this fee only because no paperwork (paper receipts or your bank passbook) will actually reflect that they took this fee.

[lopburi3]

35 minutes ago, CMBob said:

As noted, your California bank was pulling a fast one.  The typical SWIFT form (which my bank requires me to sign) has a spot on it to mark whether you want the funds transferred in baht or in US dollars.  Make sure they transfer it in dollars and not baht as the exchange rate offered in the US is often significantly lower than what you'll get here in Thailand.  I do a SWIFT transfer once a year to my SCB account (in US dollars, of course)s and I get the published exchange rate that SCB offers as of the moment/day the funds are received.  SCB (like most Thai banks, I'm told) also takes out a fee at this end, a fee that varies depending on the amount sent but it tops out at 500 baht.  I mention this fee only because no paperwork (paper receipts or your bank passbook) will actually reflect that they took this fee.

The fee is 1/4% (.0025) of the amount transferred after it is converted into baht - and for Bangkok Bank customers getting SMS alerts it is clearly shown in the deposit SMS.  Normally this is charged in a range of 200-500 baht so a very small transfer would be expensive but a very large one very cheap.  But then again 200-500 baht is not a very large amount in any case.

Edited July 14, 2017 by lopburi3

[ericthai]

8 hours ago, theguyfromanotherforum said:

Another question. Who does the exchange rate for swift? The sender or receiver?

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When I do a transfer from the US to Thailand my US bank always asks if I want to send US or convert it first. I tell them to send USD as it seems I get a better rate in Thailand.  My cost to do a swift is $35.00 and takes about 2 days to show up in Thailand account.  I haven't deposited a check in Thailand in over 15 years, but last time I did it I had no issues and it tool about 6 weeks to clear. That was with Siam Commercial.

[MyFriend You]

11 hours ago, Mansell said:

My bank in California would only transfer money in baht. They would ask if I had a dollar account at Bangkok bank...when I said No, they said the bank would send it back if they sent it in dollars. Just saying.

You're California Bank is wrong, I just transferred a large amount of USD to my SCB account from Hawaii, took 3 days to be credited to my account at the daily rate.